Maverick Capital Ltd. Acquires 43,536 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Maverick Capital Ltd. raised its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 352.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 55,871 shares of the mining company’s stock after buying an additional 43,536 shares during the quarter. Maverick Capital Ltd.’s holdings in Cleveland-Cliffs were worth $860,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Corient Private Wealth LLC bought a new stake in Cleveland-Cliffs in the fourth quarter valued at $697,000. TD Asset Management Inc boosted its stake in shares of Cleveland-Cliffs by 25.7% during the 4th quarter. TD Asset Management Inc now owns 45,612 shares of the mining company’s stock valued at $931,000 after purchasing an additional 9,312 shares in the last quarter. Treasurer of the State of North Carolina increased its position in shares of Cleveland-Cliffs by 2.2% during the fourth quarter. Treasurer of the State of North Carolina now owns 228,113 shares of the mining company’s stock valued at $4,658,000 after buying an additional 4,899 shares during the period. Bank of Nova Scotia bought a new position in Cleveland-Cliffs in the fourth quarter worth about $22,937,000. Finally, KBC Group NV lifted its holdings in Cleveland-Cliffs by 202.6% in the fourth quarter. KBC Group NV now owns 507,925 shares of the mining company’s stock worth $10,371,000 after buying an additional 340,060 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on CLF. Morgan Stanley reduced their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Bank of America reduced their price target on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Citigroup reduced their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $23.00 to $17.00 in a research report on Tuesday, June 11th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Stock Up 0.4 %

Shares of Cleveland-Cliffs stock opened at $12.76 on Friday. The company has a 50-day simple moving average of $13.01 and a two-hundred day simple moving average of $16.23. The stock has a market capitalization of $6.07 billion, a PE ratio of 17.24 and a beta of 1.97. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same period in the previous year, the business earned $0.69 EPS. The firm’s revenue for the quarter was down 14.9% on a year-over-year basis. On average, analysts anticipate that Cleveland-Cliffs Inc. will post -0.03 EPS for the current fiscal year.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.